Australia is a much more balanced economy than most of the world. You export raw materials, but also have manufacturing and a domestic market that is a decent size. Governments that don’t do a lot can often be a blessing, and your political parties are actually different, as opposed to the two subsidiaries of Wall Street that we have. You have a lot more churn than the US has, especially when it comes to the leadership of parties. The bad ideas don’t get fossilized into ‘conventional wisdom’ as your media is still combative.
I hate to think what will happen if the Euro drops to parity with the US dollar.
]]>I knew something was wrong a couple weeks ago when I had to buy a couple things in Euros, and noticed the exchange rate was favorable to the AU$ for a change! Usually, the EU was quite a bit higher than the USD. Oh well… lucky me.
]]>Today the Euro is at $1.29 so it will be necessary to watch the trend.
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